GBP/JPY slips below 140.00 handle, lowest since mid-Jan.


   •  Brexit-related chaos continues to dent sentiment surrounding the British Pound.
   •  Cautions mood underpins JPY’s safe-haven status and adds to the bearish pressure.

The GBP/JPY cross tumbled to four-month lows during the early European session on Friday, with bears now eyeing a sustained weakness below the key 140.00 psychological mark.

The cross extended its recent bearish trajectory and has now retreated over 650-pips from monthly tops set on May 3 amid persistent selling pressure surrounding the British Pound. The already weaker sentiment deteriorated further after Labour party source said that there is no point doing a deal with a government which is about to collapse. 

Meanwhile, the latest comments by the UK opposition leader Corbyn, saying that the Labour will continue to oppose the UK PM Theresa May's Brexit deal. In his letter to the May, Corbyn confirms Brexit talks have collapsed, which fueled concerns about a no-deal Brexit and continued taking its toll on the British Pound.

It is worth reporting that after failing to get parliament's approval three times, the government has pledged to bring back the Brexit deal before the parliament for yet another vote in early June. 

Adding to this, the prevailing cautions mood, as depicted by a weaker trading sentiment around European equity markets, underpinned the Japanese Yen's relative safe-haven status and further collaborated to the pair's heavily offered tone/the ongoing slide to the lowest level since mid-January.

Technical levels to watch

GBP/JPY

Overview
Today last price 139.98
Today Daily Change -0.60
Today Daily Change % -0.43
Today daily open 140.58
 
Trends
Daily SMA20 143.88
Daily SMA50 145.18
Daily SMA100 143.84
Daily SMA200 144.41
Levels
Previous Daily High 140.82
Previous Daily Low 140.2
Previous Weekly High 145.97
Previous Weekly Low 142.23
Previous Monthly High 147.2
Previous Monthly Low 143.76
Daily Fibonacci 38.2% 140.44
Daily Fibonacci 61.8% 140.58
Daily Pivot Point S1 140.25
Daily Pivot Point S2 139.91
Daily Pivot Point S3 139.63
Daily Pivot Point R1 140.87
Daily Pivot Point R2 141.15
Daily Pivot Point R3 141.49

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD chops around amid end-of-month flows, ahead of Trump

EUR/USD is battling 1.11, close to the two-month highs amid choppy trading. Hopes for a fiscal boost in Europe and mixed satisfactory data have supported the currency pair. , Sino-American tensions are rising and investors await President Trump's China announcement.

EUR/USD News

GBP/USD advances amid US dollar weakness, shrugging off concerns

GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored. 

GBP/USD News

Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures